MTF: COLLECTIONS THROW UP "YELLOW LIGHT" ON SPENDING
A 6 percent year-over-year drop in January tax collections should be a "yellow light" for lawmakers as they draft plans for new spending in fiscal 2020, a business-backed state watchdog group said.
Massachusetts Taxpayers Foundation President Eileen McAnneny said Wednesday that with revenues trailing fiscal 2019 budget benchmarks by $400 million with five months left in the fiscal year, the state this year may be on track to make a smaller deposit into its rainy day fund than expected. That is because lower than expected capital gains tax revenues, which officials say may be underperforming, will automatically cut into an expected $489 million transfer.
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